• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Binance Coin

Binance Fractal That Last Sent BNB Up By 290% Flashes Again

Yashu Gola by Yashu Gola
4 weeks ago
in Binance Coin
Reading Time: 2min read
binance, binance coin, bnbusd, bnbusdt, bnbbtc

chess pawn, contrast, mirror reflection, chess king

Advertisement
Listen to Article

Binance’s native token BNB was among the few gainers on Tuesday as the rest of the high-cap cryptocurrency assets corrected lower.

binance coin, binance, bnb, cryptocurrency
Binance Coin trades inside a medium-term ascending parallel channel. Source: BNBUSD on TradingView.com
Binance Coin trades inside a medium-term ascending parallel channel. Source: BNBUSD on TradingView.com

The BNB/USD exchange rate climbed up to 13.47 percent to $40.69, a level only a few basis points below the pair’s all-time high of $43.15 from June 2019. So it seems, traders flocked into the Binance market to seek safety from XRP, a Ripple-backed token that lost more than 32 percent of its value in the last 24 hours.

It is not clear why traders opted for BNB even when other bullish tokens like Bitcoin and Ethereum were available as hedging alternatives. But from the look of it, the capital inflow into the Binance market picked momentum after the exchange’s CEO Changpeng Zhao announced that they would launch new projects in 2021.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

So excited about 2021. A few big products launching next year. Projects kicked off internally already. 😎😉

— CZ Binance (@cz_binance) December 28, 2020

Bottoming Out

The probability of BNB hitting an all-time high in the dollar-pegged market increased as the token hinted that it is bottoming out against Bitcoin.

binance coin, binance, bnb, cryptocurrency
Binance Coin tests a classic support area for a potential long-term rebound. Source: BNBBTC on TradingView.com
Binance Coin tests a classic support area for a potential long-term rebound. Source: BNBBTC on TradingView.com

The BNB/BTC exchange rate reached a classic support area, as shown in the chart above. The pair this week rebounded off the rectangular price floor, repeating the beginning of a fractal that last sent its prices soaring by almost 290 percent.

That is partially due to Bitcoin’s overbought status. The flagship cryptocurrency’s latest rally pushed its prices up from late $10,000 to as high as $24,300 this month. Meanwhile, it also raised the possibility of massive sell-offs at the hands of whales. Such a scenario often leads traders to look for hedging assets inside the crypto space, benefiting coins like BNB.

BNB/BTC weekly RSI is at 32, which places the pair in an ideal accumulation zone. Therefore, traders could increase long exposure on BNB against BTC, with Fibonacci levels in the chart above serving as potential upside targets.

BNB/USD

Meanwhile, Mr. Zhao noted that BNB could achieve similar results in the dollar-pegged markets.

“BNB’s ATH in the Dec 2017/Jan 2018 run was $24 (when BTC made $19700),” he said. “BNB had since broken that ATH in July 2019 ($39), before BTC made a comeback. It now looks like it’s going for it again.”

The weekly RSI on BNB/USD charts was above 70, reflecting its overbought status in the medium-term. That amounted to a downside correction.

Tags: BinanceBinance CoinbnbbtcBNBUSDbnbusdt
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

No Content Available

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Coinbase Custody to Support Dvision Network (DVI)

January 26, 2021

A New Year – New Opportunities in Crypto

January 26, 2021

1xBit Introduces New Live Casino Tournament DEAL OR NO DEAL

January 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.